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6441 Cornell Drive Huntington Beach, CA 92647

3 Beds 2 Baths 1,448 sqft Built 1962

$775,000

List Price

$3,340

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $535.22
  • 3 Days on Market
  • MLS # : SW21024809
  • Updated Date : 02/05/2021 at 15:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,448 sqft
  • Baths : 2 full
Listing Agent

Bhhs Ca Properties

Listing Agent's Description

Great opportunity to live in a beautiful neighborhood in North Huntington Beach. 3 bedrooms, 2 bathrooms, with family/bonus room. Centrally located close to freeways, shopping, parks and schools. Home has newer roof, furnace and water heater, but is mostly in it's original condition and in need of some upgrades. Back yard is large and both front and back yards feature large grassy areas and have been well maintained. This home is in a lovely neighborhood and has a lot of potential for the right buyers.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k844k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21800200022002400260028003000320034003600Rent in $17803620

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Helen Stacey Middle School Middle Regular 907 39 8
Marina High School High Regular 2,438 93 9

Helen Stacey Middle School

  • Education Level: Middle
  • # of students: 907
  • # of teachers: 39
8
GreatSchools Rating

Marina High School

  • Education Level: High
  • # of students: 2,438
  • # of teachers: 93
9
GreatSchools Rating
 

$697,500$852,500$775,000

PURCHASE PRICE

$3,006$3,674$3,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,340
EXPENSES Loan Payment -$2,692
Property Tax -$798
Property Insurance -$62
Property Management Fees -$164
CASH FLOW
-$376

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$775,000

PROJECTED PRICE

$3,340

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$211,125

INVESTMENT

$211,125

Down Payment
$193,750
Rehab Estimate
$5,750
Closing Costs
$11,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,692

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $193,750
Loan Amount $581,250
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$22,836

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,340

    LIST RENT
  • $2.31

    LIST RENT PER SQFT
  • $3,609

    COMP ESTIMATED VALUE
  • $2.49

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2503$3,3404$3,4505$4,000
$4,000
RENT COMPS ANALYSIS
  • 6441 Cornell Drive Huntington Beach, CA 3
    • 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $3,340
    • $2.31
    •  
  • 15182 Nottingham Lane Huntington Beach, CA 1
    • 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1962
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.51
    •  
  • 14912 Sunnycrest Lane Huntington Beach, CA 2
    • 4 beds 2 baths ∙ 1,318 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,318 Sqft ∙ Built 1963
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.47
    •  
  • 6552 Paris Circle Huntington Beach, CA 4
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1962
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.51
    •  
  • 14952 Trojan Circle Huntington Beach, CA 5
    • 4 beds 2 baths ∙ 1,614 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,614 Sqft ∙ Built 1963
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.48
    •  
PROPERTY LISTING DETAILS
Jeffery Muesse
Bhhs Ca Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21024809
Last Updated: 02/05/2021
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